Bain & Company's most conservative estimate, based in the event of a "drifting" recovery, places airline revenue at $392 billion (£288bn) by the end of this year. Meanwhile, its "baseline" recovery scenario suggests the industry could reach $432 billion (£317.5bn), and its "accelerated recovery" scenario is valued at $461 billion (£339bn).

The company lowered its projections following the outbreak of the Omicron variant in late 2021, and it's possible that any future outbreaks, which are more likely to occur in winter, could exacerbate seasonal variation in airline revenue.

Combined with low revenues over the last two years and widespread staff shortages due to the virus, it's not surprising that the International Air Transport Association (IATA) believes air traffic won't reach pre-pandemic levels until 2024 at the earliest.

Industries that will face a tough time after coronavirus